IT business systems and managed services company, Maxima, is off the market. It has announced today that, following discussions with various potential suitors, the Board has concluded: “a sale of the entire business in current market conditions would not be in the best interests of the shareholders”.
Now, we wait with interest to hear what is in the best interests of shareholders. Maxima’s strategic review is ongoing. In April it said that the review could result in new strategic relationships, options to support the Company’s growth plans, or a sale of all or part of the business. As we noted in August, at the time of Maxima’s full year results (see Maxima – revenues down but growth engines are working), Maxima, like its competitors, is under pressure to be a specialist rather than a generalist in an “ever commoditising” business applications space. It appears that Maxima has yet to rule out the sale of parts of its business so that it can concentrate efforts on its growth engines. We’ll hear for sure when Maxima completes the strategic review “as soon as practicable”.